Who are your acquiring banks?
• UAE: Mashreq Bank, FAB and ADIB Bank
• Egypt: CIB Bank
• KSA: SABB Bank and Al-Rajhi Bank
• Qatar: Doha Bank
• Jordan: Network International
• Lebanon: areeba
What is a merchant account?
A merchant account is a type of bank account that allows businesses to accept payments in multiple ways, typically debit or credit cards. Every business that chooses to accept card payments will require a merchant account.
What are the requirements to set up a merchant account in UAE?
Currently we are partnering with the following acquiring banks in UAE.
1) Abu Dhabi Commercial Bank
2) National bank of Abu Dhabi
3) Mashreq bank
All of the acquirers have similar requirements pertaining to legal documents, exact list are as follows.
In addition to the above, Merchant has to fill out bank documents/ forms/agreements. These documents will be shared by underwriting team who will be assisting you to complete the entire documention process.
Moreover, ensure that the website is LIVE and operational. Acquirers will do a thorough and review the website pertaining to your commercial terms and policies. website guidelines will also be shared by the Underwriting team.
What are the requirements to set up a merchant account in Lebanon?
- Trade License
- Passport / ID of all the Share Holders
- Bank IBAN account number in which merchant wishes to receive their funds
What are the requirements to set up a merchant account in Jordan?
Following are the list of requirements needed to set-up a merchant account in Jordan:
- Copy of the company’s registration license in Jordan.
- Having at least one of the activities listed in the registration license covering the services provided at the website.
- Copy of the ID/ Passport of all partners/ authorized signatories.
- Displaying Terms & Conditions on the website.
- Displaying Refund & Cancellation Policy on the website.
- Displaying merchandise/ services prices on the website.
- Displaying Delivery Policy & Method on the website.
- Displaying the logos of Visa and MasterCard at the footer of the website homepage..
- Displaying the contact details of the company including the physical address, phone number, and email address on the website/ mobile app.
What are the requirements to set up a merchant account in Egypt?
- A valid commercial register (maximum 3 months old).
- Valid tax card.
- Authorized signatory`s national ID.
- Corporate CIB bank account.
What are the requirements to set up a merchant account in KSA?
- Commercial register
- ID’s of the shareholder
- Bank account in one of the banks (Al Rajhi, SABB)
What is the turnaround time to get the approval and get the merchant account ID in UAE?
The time it takes to establish a merchant account depends on several factors including: completeness of the application submitted, accuracy of the information provided and any required additional paperwork. After your application has been approved, it usually takes just a few days to establish the actual account.
What is the turnaround time to get the approval and get the merchant account ID in Jordan?
The estimated time for obtaining the merchant account ID is 7-10 business days.
What is the turnaround time to get the approval and get the merchant account ID in Egypt?
What is the turnaround time to get the approval and get the merchant account ID in KSA?
One week to a month
What is the turnaround time to get the approval and get the merchant account ID in Lebanon?
A week to 10 days since the day the merchant sigs the acquirer /PayFort contract
I have a company set up outside your scope (UAE, Egypt, KSA, Jordan, Lebanon, Qatar) I’m interested in securing a merchant account with PAYFORT Is it possible?
No, only merchants with a legal and trade presence in the U.A. E. can be accepted for merchant services. Same rules applies to other regions where PayFort services are available such as KSA, Egypt, Qatar, Jordan, Lebanon and Oman. Provided that you have a company legally set up to these countries, we can secure a merchant account for you to use our services.
What happens next once we get the Merchant account ID?
Once we receive the Merchant account, you will be notified by our underwriting team. The Merchant account is in test mode. Internally, PayFort will coordinate with bank to move the account to production which will take another 3 to 4 working days. Once the Merchant ID is in production, we shall put your account LIVE without further delay.
Can I use my personal bank account to receive payouts or an account which is under the name of another company?
No. A business account is a must. The bank account name should be under the same company in which the merchant account will be linked to.
Do I need to open a business account only with your partnering banks to establish a Merchant Account?
No, we do not insist our merchants to open an account with our acquiring partners, as they facilitate direct fund transfer to any UAE based bank.
Ex. You can obtain a merchant account from National bank of Abu dhabi and use your existing Emirates NBD account to receive your settlement.
Is it possible to change my bank account details in future to receive my funds?
You can change your bank account details anytime by sending an official request (in Qatar this can be done only with Doha Bank)
If I wish to accept payments in multiple currencies, is one MID is enough to support multiple currency transactions?
No. A merchant account supports one currency. Multiple currencies requires multiple Merchant Id’s.
What are the types of businesses which are prohibited to have a merchant account?
The types of businesses listed below are updated periodically, but not exhaustive. If you are uncertain as to whether your business is a Prohibited Business, or have questions about how these requirements apply to you, please contact us:
I have an existing merchant account and i need to change my website URL, is it possible?
Yes. We need to submit a few documents to the bank in order to facilitate this request. List of requirements will be shared by our underwriting team. Ensure the website replicates the old website, including the terms and policies are published. Process will take one to two weeks once all requirements are complete.